In - house IP cultivation

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名创优品:2025 年第二季度表现强劲,前景更光明,大型门店及知识产权举措进展良好;评级买入
2025-08-24 14:47
Summary of Miniso (MNSO) Earnings Call Company Overview - **Company**: Miniso (MNSO) - **Market Cap**: $6.4 billion - **Enterprise Value**: $7.0 billion - **12m Price Target**: $25.30 (current price: $20.84, upside: 21.4%) [1][21] Key Financial Performance - **2Q25 Revenue Growth**: 23% year-over-year (yoy), exceeding guidance of 18-21% [1][33] - **Adjusted Operating Profit (OP) Growth**: 8.5% yoy, against guidance of flat/slight decline [1][36] - **Miniso China Sales Growth**: 14% yoy, beating expectations [1][33] - **Top Toy Revenue Growth**: 87% yoy, surpassing guidance [1][33] - **Gross Margin**: 44.3%, slightly below expectations [1][35] - **Operating Profit Margin (OPM)**: 17.2%, improved from 16.6% in 1Q25 [1][36] Future Outlook - **2025 Full Year Sales Guidance**: Revised to >25% yoy increase (previously >22.8%) [2][22] - **3Q25 Topline Growth Expectation**: 25-28% yoy with low-single-digit same-store sales growth (SSSG) [2][23] - **Store Expansion Plans**: 100-150 net openings in Miniso China and >500 overseas [22] Strategic Initiatives - **Large Store Strategy**: Focus on upgrading store formats to enhance brand awareness and capture diverse consumer demands [25] - **Miniso Land Stores**: Achieved average monthly sales of Rmb4 million [25] - **New US Stores**: 50% higher productivity compared to existing stores [27] - **In-house IP Cultivation**: Developing a dual-track IP strategy with both third-party and in-house IPs [28] - **Exclusive IPs**: Initial strong performance expected from new IPs like Yoyo [28] Market Performance - **US Market Growth**: Over 80% yoy sales growth in 2Q25, driven by improved store quality and localized management [30] - **Tariff Impact**: Manageable impact from tariff hikes due to effective inventory and supply chain management [31] Financial Revisions - **Earnings Revisions**: Adjusted net income for 2025E-27E revised up by 3-6% [21][42] - **New Price Targets**: Increased to US$25.3/HK$49 per ADR/H-share based on improved SSSG [21][42] Shareholder Returns - **Dividend Payout Ratio**: Announced at 50% for 1H25, implying a c.3% dividend yield [39][41] - **Share Buyback**: Approximately 1% of total shares in 1H25 [41] Conclusion - **Investment Recommendation**: Reiterate Buy rating based on solid performance, improving margins, and strategic initiatives to enhance growth and shareholder returns [21][42]